Slow deflation

Zillow.com lets another $2819 out of the price tag here at the palatial Surlywood estate; the Zestimate, once pushing $120,000 for no discernible reason, is now down to $105,082.

At this rate, the numbers should be at least somewhat plausible in two or three weeks.

(Previous Zestimates recorded here.)





2 comments

  1. Dan »

    11 September 2006 · 4:05 pm

    Caveat: I am a Realtor®.

    Zillow, Zestimate, and all those other sites that guesstimate home prices have only one real purpose: they take information from people like you to sell to people like me, at prices ranging from $15 per head to $150 per month for all you can eat.

    I won’t deal with any of those sites, and I suggest you don’t either. From my viewpoint they’re selling a poisoned product: a Seller who has been told their home is worth a certain value when the market indicates that it is really 10-30% less.

    E.g., Jack buys referrals from Lyars.Com. Jimmy was told by Lyars.Com that his home is worth $200,547.92. Jack gets Jimmy’s info, does a little research, and finds that Jimmy’s home sold sell in the $160K range. Jack tells this to Jimmy, Jimmy gets mad, and Jimmy tells everyone how that dirtbag tried to cheat him out of $40,000. Obviously the salesman is lying because a computer can’t be wrong, right? Jack just paid to get a reputational black-eye.

    Moral: there is no free lunch. If you need to know the true value of your home, you’ll have to pay an appraiser $300-500. If you would like a reasonable estimation, call up a Realtor® and the price will be listening to a listing-pitch. If you want to be lied to, there are sources for that which don’t require as much personal information as does HouseValues or Zillow or the like.

    BTW if you’d like a reasonable estimation, emal me back. :=}

  2. CGHill »

    11 September 2006 · 7:55 pm

    What a house is worth, of course, is what someone’s willing to pay for it. At the moment, I’m not entertaining offers. :)

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